Chris Hughes, Columnist

It's Open Season on the London Stock Exchange

Hong Kong's proposal looks more tempting than the LSE’s own Refinitiv deal. But the path to getting it done is fraught with uncertainty.

September 11, 2019 at 10:23 AM UTC

By Chris Hughes

Chris Hughes is a Bloomberg Opinion columnist covering deals. Previously, he worked for Reuters Breakingviews, the Financial Times and the Independent newspaper.

Hats off to Hong Kong.
Photographer: Rob Stothard/Getty Images Europe

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

London Stock Exchange Group Plc left gate-crashers a window of only a few months to try to break up its $27 billion takeover of data provider Refinitiv. Hong Kong Exchanges and Clearing Ltd. has moved fast and first with a potential bid for LSE worth 30 billion pounds ($37 billion). On the surface its proposal is better than the LSE’s own deal, but the path to a firm offer from Hong Kong that runs all the way to completion is fraught with uncertainty.

LSE’s agreement to buy Refinitiv (which competes with Bloomberg LP, the parent of Bloomberg News) has forced the hand of anyone who wants to buy the London bourse. If LSE’s shareholders approve the Refinitiv deal, the British company will become too big a target. With a vote on that transaction due by the end of 2019, any auction among LSE bidders would have to happen this year.